Huge moves on the live music front as Live Nation bought up a huge portion of C3 Presents. The buyer was already the world's largest music event organizer while the bought was the largest independent concert promoter until the purchase. None of the details behind the deal have been disclosed to the public but reports from Billboard claim that Live Nation bought a 51 percent share in C3 for around $125 million.
C3 is best known for its work with large music festivals, including the Lollapalooza series and Austin City Limits. Perhaps this purchase should have been seen coming by those following Live Nation's interests. The company's CEO, Michael Rapino, hinted at such as purchase in the last few months.
"We've been very clear we've been underserviced in our festival business in the U.S., which leaves a big hole in our business which really drives our ticketing and sponsorship," he said in October. "I can't comment on the rumors, but it would make sense we'd be looking to acquire a strong festival company in the U.S....and we're going to continue to evaluate."
C3 is a relatively new company, founded during 2007 by the "three Charlies"—Charles Attal, Charlie Jones and Charlie Walker—but has obviously risen to success as evidenced by the major events it services. The company reported a net gross of $124 million during 2013 from a total of 800 shows.
Live Nation hasn't done too badly either. Three quarters into 2014, the company had sold more than 25 million tickets in the U.S. alone. Expect that number to be even higher when we report on the merger a year from now.
© 2024 MusicTimes.com All rights reserved. Do not reproduce without permission.
